Hovnanian Enterprises' shares jumped 4% after Bloomberg reported a $200 million joint venture with GTIS Partners LP.
GTIS will invest $150 million while Hovnanian contributes $50 million to develop homes across seven geographically diverse communities.
The portfolio includes varied product types and price points, many being follow‑on investments to previously partnered communities.
The stock also benefited from broader equity gains after the Iran ceasefire deal, boosting market sentiment.